Small Business Finance News

Small Business Optimism Holds Steady, Wells Fargo Says

Written by Ken GaeblerPublished: 7/28/2011

Small business optimism is holding steady despite a lack of good news about the economy, according to a recetn survey.

While the news for small businesses hasn't been too good as of late, owners aren't taking things too badly, as the Wells Fargo and Gallup Small Business Index shows that business owners are holding steady and not being optimistic or pessimistic.

The score of zero for July of 2011 is much better than July of 2010, when business owners had an overall index score of negative-28.

The Index shows that optimism is currently at zero, as the poll said the current financial situation was not enough to offset lowered expectations for future revenue.

Doug Case, a small business segment manager for Wells Fargo, said that business owners are demonstrating a reluctance to invest and are holding onto their money.

"In recent months, we've seen strong growth in deposit balances as business owners prepare for potential business challenges and save for future opportunities," Case said.

According to a recent survey from the Alternative Board, 68 percent of business owners in the United States and 61 percent of Canadian business owners are optimistic that the economy will improve this year. About 87 percent of U.S. business owners said taxes were a big challenge for their company.

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